UPDATE: In a significant shake-up, Foxtel has announced a new board following its acquisition by sports streaming giant Dazn for $3.4 billion. The restructuring comes just months after Dazn, owned by billionaire Len Blavatnik, took control from News Corp and Telstra.
Former federal communications minister Stephen Conroy and Amaysim founder Peter O’Connell have joined the newly formed board alongside Dazn’s global CEO Shay Segev, CFO Darren Waterman, and long-time Foxtel CEO Patrick Delany. This overhaul signals Dazn’s commitment to reshape Foxtel into a more competitive media entity.
Foxtel, one of Australia’s largest media companies, reported $2.9 billion in revenue for the year ending June 30, maintaining levels from the previous year despite a $8 million drop in subscription revenue. The company has been transitioning to streaming services like Kayo Sports and Binge, offsetting declines in traditional pay TV.
The accounts reveal that Foxtel has cut 220 roles in the past year, now employing approximately 1,200 workers. This restructuring comes in the wake of substantial losses, with Foxtel reporting a loss of $214.1 million in 2025 after a previous loss of $96.4 million. Dazn’s acquisition aims to reinvigorate the company and its offerings in the competitive media landscape.
With Conroy’s political background and ties to the gambling industry, his appointment has raised eyebrows. He previously chaired Responsible Wagering Australia and now leads TG Public Affairs and the Australian Professional Leagues. Sources indicate that Conroy will recuse himself from any discussions regarding future broadcast deals involving the A-League.
The changes come as Dazn seeks to establish itself as a leader in the sports streaming market, aiming to create a “Spotify of sport” that integrates live events, statistics, and merchandise. Recently, Blavatnik injected $891 million into Dazn, bringing his total investment to over $7.3 billion over the last decade.
Dazn’s latest financials show narrowed losses of $936 million in 2024, down from $1.4 billion the previous year, reflecting a strategic effort to stabilize and grow the enterprise.
As the media industry evolves, all eyes are on the new leadership at Foxtel. The immediate focus will be on how the revamped board can leverage Dazn’s resources and vision to enhance Foxtel’s offerings. Stay tuned for updates on this developing story as the new board sets its agenda.
